TFM Midday Update 1-13-2026

CORN

Corn futures are slightly weaker at midday on follow-through pressure from yesterday’s WASDE report. March corn is down 00-1/4 cent to $4.21-00, while July corn is 1-00 cent lower to $4.37-00.
Yesterday’s WASDE report was quite a shock after the USDA reported a 0.5 bpa increase to yield when pre-report estimates were looking for a 2 bpa drop. 1.5 million newly found harvested acres were also a cause for prices falling sharply.
APK-Inform has raised their corn production forecast for Ukraine to 31.35 mmt. If realized this would be up from 26.864 mmt a year ago.

Soybeans continue to trade lower at midday, following yesterday’s bearish report. March futures are down 2-1/2 cents to $10.46-1/2, while July futures are trading 2-1/2 cents lower to $10.73-00
Monday’s WASDE report much like corn was bearish which saw prices move lower. Yield was held steady at 53 bpa while ending stocks were up 60 mb from the previous report to 350 mb.
According to AgRural, Brazil’s soybean harvest sits at 0.6% complete. This is just ahead of last year’s pace of 0.3% through the same time period.

All three wheat classes are lower at midday along with the rest of the grain complex. March Chicago is down 0-1/4 cent to $5.11-00, March KC is down 3-3/4 cents to $5.23-00, and March Minneapolis is 00-1/2 cent lower to $5.65-1/4.
Yesterday’s WASDE report showed an increase of 3.4 mmt to 2025/26 global ending stocks. Ending stocks are now projected at 278.3 mmt. Production increases in Argentina and Russia also forced wheat prices to sink.
China has reportedly increased their wheat imports from both Australia and Argentina due to lower prices. In December alone Australia and Argentina combined for a total of 620k mt of wheat exported to China.

Tanner Wilson